Messenger Press Proprietary Limited & Ors v FCT – Commissioner appeals to Federal Court decision that 18 News Corp group companies were entitled to over $2bn in deductions for foreign exchange losses [36]

The Commissioner has appealed to the Full Federal Court against the decision of Perram J in Messenger Press Proprietary Limited & Ors v FCT [2012] FCA 756. The Federal Court had held that some 18 News Corp group companies were entitled to over $2bn in deductions for foreign exchange gain losses in the 2001 and 2002 income years under Div 3B of the ITAA 1936 (as it then applied) that arose from the global restructure of the group in the early 1990s.

[LTN 167, 29/8]